Trust - TMLT

Notes to ConsolidatedFinancial StatementsDecember 31, 2004: Gross Gross EstimatedAmortized Unrealized Unrealized FairCost Gains Losses Value(in thousands)U.S. Government andits agencies $ 10,218 $ 283 $ 10 $ 10,491Annuities 29,714 1,391 - 31,105Corporations 95,155 1,738 520 96,373Loan-backed securities 181,803 2,027 2,908 180,922and collateralizedmortgage obligationsand other$ 316,890 $ 5,439 $ 3,438 $ 318,891At December 31, the Trust's investment in common stocks and preferred stocks hada cost basis of $40,651 and $21,635 in 2005 and 2004, respectively. Gross unrealizedgains and gross unrealized losses were $4,925 and $3,922, respectively in 2005 and$3,462 and $2,279, respectively in 2004.The fair values generally represent quoted market value prices for securities traded inthe public marketplace or analytically determined values using bid or closing pricesfor securities not traded in the public marketplace.The amortized cost and estimated fair value of the fixed-maturity securities and annuitiesat December 31, 2005 are summarized, by stated maturities, as follows:Amortized EstimatedCost Fair Value(in thousands)Years to maturity:One or less $ 2,533 $ 2,520After one through five 68,147 66,733After five through ten 53,975 52,122More than ten 119,898 121,910Loan-backed securities and collateralizedmortgage obligations 102,573 101,080$ 347,126 $ 344,365Actual maturities may differ from the contractual maturities in the foregoing tablebecause certain borrowers have the right to call or prepay obligations with or withoutcall or prepayment penalties.Proceeds from the sales of available-for-sale securities were $93,738 in 2005 and$98,480 in 2004. Gross realized gains and gross realized losses on these sales were$1,696 and $912, respectively, during 2005, and $1,463 and $805, respectively,during 2004. For the year ended December 31, 2005, the Trust recognized an otherthan temporary decline in fair market value on securities of $400 and is included innet realized losses on securities available for sale in the consolidated statements ofoperations.34 TRUST - The Annual Report Magazine